| 【Sector Research】Semiconductors - Analog sector – PMIC recovery underway; RF in transition |
| 【行业研究】中国医药 - 中国生命科学上游行业景气度上行 |
| 【公司研究】百度 (BIDU US) - 2025百度世界大会：推动AI应用加速落地 |
| 【Company Research】Tencent (700 HK) - 3Q25 results: solid growth across business lines; upbeat on long-term AI opportunities |
| 【Company Research】Bilibili (BILI US) - 3Q25 results: healthy margin expansion on solid ad business and operating leverage |
| 【Company Research】TME (TME US) - 3Q25 review: investing to expand music product offerings |
| 【Company Research】Hesai Group (HSAI US) - Solid 3Q results; business development momentum remains strong |
| 【Company Research】FIT Hon Teng (6088 HK) - Solid 3Q25 and strong AI revenue guidance in FY26-28E; Raise TP to HK$6.77 |
| 【Company Research】China Hongqiao (1378 HK) - Further re-rating is possible |
| 【Company Research】Ke Holdings (BEKE US) - Driving profitability improvement of new businesses and enhancing shareholder return |
公司地址：香港中環花園道三號冠君大廈45-46樓
電話：（852） 3900-0888 傳真：（852） 3761-8788
招銀國際版權所有 Copyright © 2019-2025 CMB International Capital Corporation Limited. All rights reserved.
